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News from the Import Industry

June 30, 2011

China shipping exchange launches first forward freight contract

Reuters reported that the Shanghai Shipping Freight Exchange Co has launched China first forward freight contract allowing local exporters and shipping companies to manage growing volatility in freight rates.

The forward contracts are based on ship rates for the China-Western America route and the China-Europe route. The contracts which track dry bulk freight rates began trading on Tuesday which saw the most active Europe route contract open at USD 886 per 20-foot equivalent unit, and the US route open at USD 1,658 per 40 foot equivalent unit.

The SSEFC said each route will have maturing periods beginning from July until December. Trading margins were set at 10%.

The Shanghai freight index is based on quotations from shipping companies as well as cargo brokerage firms on 15 major routes leaving the city.

Shanghai has been the world busiest dry bulk port for the past three years. The city also overtook Singapore to become the world largest container port last year.

(Sourced from Reuters)

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